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DES:djk ~1,/23/95 (070/39) <br /> <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br />AS FOLLOWS: <br /> <br /> 1. The City of Redwood City does hereby give notice of <br />intention to preserve the retirement benefits of its employees <br />who participate in a voluntary reduced work hours program <br />irrespective of any temporary reduction in their compensation <br />made necessary by the City of Redwood City's current fiscal <br />emergency. <br /> <br /> 2. A copy of this Resolution is to be filed with the Board <br />of Administration of the Public Employees' Retirement System as <br />notice of the intention of the City of Redwood City to report <br />payroll for those employees whose retirement benefits would be <br />adversely affected by a temporary reduction in their <br />compensation, in the manner prescribed by the Board and subject <br />to audit by the Board pursuant to the authority of Section <br />20499.5. <br /> <br /> 3. This resolution shall be effective from January 2, <br />1995, to January 1, 1996, upon which latter date any special <br />reporting pursuant to this resolution for any employees of the <br />City of Redwood City, shall cease. <br /> <br /> <br />